Property Management Blog

By Tim Harstead - Friday, January 17, 2020

Interest rates for Chicago Security Deposits

The city of Chicago has set the 2020 interest rate for security deposits for renters at .01%. This means that if you have a security deposit of $1,000 you must pay 10 cents within 30 days of the end of every 12 month cycle you hold the security deposit for. You must also include ...

By Tim Harstead - Wednesday, January 1, 2020

Can Tenants Smoke Marijuana in their Apartment now that it's legal in Illinois?

Weed is now legal in IL but is it legal in your apartment?Happy New Year and new decade! If you live in or own property in Illinois, then you know recreational marijuana is now legal in the state of Illinois. Which brings up the question many tenants are wondering: Can I smoke it...

By Tim Harstead - Friday, November 29, 2019

BRRRR

In Chicago, as we hit December, BRRRR sounds like the sound we make when we step outside! But, it is actually a very useful real estate investing technique! Let’s break down what each letter stands for, so you can see if this is a game plan that would work for you and your ...

By Tim Harstead - Thursday, November 7, 2019

Budget plans for Chicago Utilities

They say “failing to plan is planning to fail” but how do you budget for bills that are different every month? Chicago’s utilities have a solution. ComEd and Peoples gas now have budget billing. This estimates your annual costs and gives you an equal bill every ...

By Tim Harstead - Wednesday, July 24, 2019

Staying Fair Housing-compliant when it comes to criminal convictions

Can declining criminals in your Chicagoland apartments make you a criminal?Screening potential tenants is one of the most important jobs of a landlord and property manager. If you let someone in who doesn’t pay, not only are you losing income for the months they don’t...

By Tim Harstead - Sunday, July 14, 2019

Charging a Move-in Fee vs Security Deposit in Chicago

Are security deposits not making you feel secure anymore? The city of Chicago has never been confused as a landlord-friendly city, and lately they have been enforcing our local laws on security deposits very strictly. This means if you are not taking care of all of your paperwork...